The Industrial Finance Corporation Act, 1948
32A. Special reserve fund.
- All dividends accruing on the shares of the
Corporation held by the Central Government and the
Reserve Bank immediately before the date appointed by the Central
Government under sub-section (1) of section 4A in respect of any completed
accounting period, whether declared or not, shall be credited to a special
reserve fund.
- All dividends accruing to the Development Bank shall, instead of being paid
to it, be also credited to the said fund until the aggregate of the sums
credited to the fund under sub-section (1) and this sub-section exceeds one crore of rupees.
- The Central Government, the Reserve Bank and the Development
Bank only shall have claims to the said fund.]
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